How Different Generations Think About Money — and What Financial Providers Should Learn

What’s one of the best ways to better understand your customers? Ask them! At last month’s Money Experience Summit, MX did exactly that. We hosted a multigenerational panel to explore how consumers at different life stages approach money, what challenges they face, and what they want from their financial providers. 

The conversation, spanning Baby Boomers to Gen Alpha, revealed that, while each generation’s financial story is unique, common threads run across age groups. For financial providers, the message was clear: the challenges consumers face are less a product of their generation and more about their stage of life. And, understanding the generational context is essential to understanding how best to provide the tools and resources they need to navigate their biggest financial challenges.

Simplicity and Clarity Are Universal Needs

Across generations, the desire for simplicity emerged as a dominant theme.

For instance, as they are in or approaching retirement, Baby Boomers and Gen X navigate a lot of complexity. They face questions around tax timing, healthcare, and Social Security benefits that require significant effort to piece together. They want a clear straightforward set of tools that cut through the complexity and lay out actionable next steps.

Our Millennial representative voiced similar frustrations while juggling family responsibilities and his career. The challenge isn’t a lack of awareness about financial planning. It’s the lack of time. He expressed that at his stage, he needs easy-to-use tools that are automated to fit seamlessly into his busy life.

Gen Z and Gen Alpha want simplicity of a different kind. Instead of battling time or complexity, they’re up against information overload and unfamiliarity. Our Gen Z panelist said she struggles to find reliable sources of financial advice in the age of social media “finfluencers”. At the same time, our Gen Alpha respondent says he wants banking to feel less intimidating and be more digital-first. 

Regardless of age, consumers crave simplicity. What differs is the context; whether that’s clarity around retirement, time-saving automation, or gamified engagement.

Education Is Lacking, and Consumers Know It

Each generation also expressed a desire for more comprehensive, accessible, and impactful financial education resources.

The older generational representatives pointed out financial literacy resources are often fragmented or absent, especially when it comes to preparing for retirement. They expressed a wish for a clear and simple roadmap for retirement — one that gives clear guidelines for when milestones are coming and how making certain choices around retirement funds, healthcare coverage, and social security can have different impacts at different stages throughout retirement. 

Middle generations, those approaching retirement or raising families, see the value of advice but don’t always have the desire or capacity to sit down with an advisor. Instead, they want personalized digital resources that help them understand their options before engaging a professional.

Younger generations struggle to find reliable, easy-to-consume resources. For instance, Gen Alpha wants banks to meet them where they are with simple, digital education.

Consumers at every life stage want to be smarter with money. But, they need guidance that is reliable, digestible, and aligned with where they are in life.

Balancing the Present with the Future

Balancing the competing priorities of living in the present and preparing for the future was another common thread.

Our Baby Boomer and Gen X representatives expressed they need to shift their mindset from building up their financial future to making it last. 

Our Gen Z representative says her generation feels a sharp divide between a “live now” mindset reinforced by social media while knowing they should save and plan for the future.

Regardless of generation, consumers are constantly balancing short-term enjoyment or responsibility against long-term security and goals. Financial providers that help them find this balance, through insights, planning tools, and empathetic guidance, will build trust.

What This Means for Financial Providers

Consumers don’t just want financial products, they want financial partners. Across life stages and age groups, they want providers to help them cut through the noise, understand their options, and act with confidence.

Here are the main takeaways for financial providers:

1. Understand your customers’ journeys. 

Use data to understand not just their demographics, but their life stage and financial priorities. A Gen Xer’s needs will vary depending on whether they’re raising kids, paying off debt, or preparing for retirement.

2. Simplify the complex. 

Whether it’s retirement planning, budgeting, or opening a first account, consumers want simplicity at every stage of their lives. Design and offer straightforward and intuitive tools that guide consumers through their financial priorities. 

3. Provide education that sticks. 

Offer trustworthy resources that help consumers navigate misinformation and make smarter financial decisions. Tailor it to the channels and formats each generation trusts.

4. Balance short- and long-term perspectives. 

Help consumers enjoy today while preparing for tomorrow, offering insights and tools that show how everyday decisions affect future outcomes.

5. Build trust through recognition. 

Acknowledge that all generations are valuable customers. Retirees, young adults, and teens alike want to feel that providers understand their unique challenges and aspirations.

Financial providers who can personalize their approach, simplify complex decisions, and deliver trustworthy guidance will not only earn loyalty across generations — they will become indispensable partners in helping consumers build financial confidence for life.